Deals of the day: mergers and acquisitions
RRC•EQT agreed to buy Range Resources in a $13 billion all-stock deal, while Ovintiv agreed to acquire Logan Energy for about $890 million, including debt. Other reported transactions included CAE’s $500 million sale of Flightscape and a $2.2 billion takeover proposal for Ingenia Communities Group.
1. Gas producer deals
EQT said it will buy Range Resources in a $13 billion all-stock deal to create the largest natural gas producer in the United States. Ovintiv said it would acquire Canadian producer Logan Energy in an all-cash deal valuing the company at about $890 million, including debt.
2. Other reported transactions
CAE said it will sell Flightscape, its airline operations software business, to SITA in a deal valued at $500 million, including debt. AmTrust International said it had established a French presence by acquiring Wakam, while Eni said it completed the sale of its Nigerian unit Agip Energy and Natural Resources to Nigerian firm APEX. Itau said it had agreed to acquire all shares issued by AI startup NeoSpace AI.
3. Additional proposals
HSBC will merge Hang Seng Bank’s asset management unit into its fund business, two people with direct knowledge of the matter said. Ingenia Communities Group received a takeover proposal from AVID Property Group for A$2.2 billion ($1.54 billion), sending the Australian property developer’s shares to their highest close in nine months.
